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The median rent for Manhattanites climbed to a whopping $3,380 in May, CNN Money reports. This is a new record for New York City. With the sky high costs of renting an apartment and low numbers of available units, nabbing an apartment in NYC is like looking for Bigfoot.
Nearly 99 percent of all units in the Big Apple are occupied at any given time, according to Jonathan Miller, president of real estate firm Miller Samuel. And despite the expensive price tags, apartments fly off the market like hot cakes. The average time a unit stays on the market is 41 days, NY Daily News said.
With low inventory and a fast-paced renting market, CNN Money adds, landlords are less willing to make concessions for renters.
“You have people scrambling, they want to be here in the city. There is job growth, there is a lot going on here. But the jobs that are needed to be filled are by people who can’t afford to pay the rent,” Miller said.
Studio apartments in New York City go for an average of $2,591, while one-bedroom and two-bedroom dwellings ask for $3,405 and $4,469, respectively, the Daily News wrote.
“Unfortunately for many tenants, the largest gains in May were for studios and one-bedrooms. We haven’t seen inventory levels this low in almost three years. This means desirable apartments will likely not last long,” Gary Malin, president of real estate company Citi Habitats, said.
Miller said that as rent continues to climb in New York City, more people are choosing to live within travel distance of Manhattan, where rent is more budget-friendly — but not by much. New leases in Queens and Brooklyn jumped a staggering 379.6% and 127.2%, respectively. On the plus side, rentals in Queens are, on average, $800 cheaper than Manhattan’s asking prices. According to the New York Post, Queens’ median rent hovers at around $2,600. But according to Gawker, that’s still ridiculously high: “That’s too much to pay to live in Sunnyside, Queens. No offense.”
Miller does not expect Manhattan to make room for affordable living anytime soon.
“I don’t see the narrative changing…” Miller said. “It’s a very complex problem.”
